PixelFox (PIXEL) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 reached 18.5 MSEK, up 73% year-over-year from 10.7 MSEK in Q2 2024.

• EBITDA for Q2 2025 was 0.9 MSEK, an increase from 0.6 MSEK in Q2 2024.

• Profit after financial items surged to 10.8 MSEK in Q2 2025, compared to 0.0 MSEK in Q2 2024, driven by a significant one-time gain.

• The divestment of Userdesk AB provided financial flexibility and crystallized value, supporting the company’s strategy of investing, developing, and divesting assets for optimal returns.

• A new capital allocation strategy was announced to invest surplus liquidity in cryptocurrencies and digital assets.

Financial highlights

• Net revenue for H1 2025 was 34.8 MSEK, up from 26.1 MSEK in H1 2024.

• EBITDA for H1 2025 reached 2.7 MSEK, compared to 1.9 MSEK in H1 2024.

• Earnings per share for Q2 2025 were 0.30 SEK, up from 0.00 SEK in Q2 2024.

• Total assets as of June 30, 2025, were 23.9 MSEK, up from 12.4 MSEK a year earlier.

• Equity ratio improved to 90.1% from 65.0% year-over-year.

Outlook and guidance

• Focus remains on profitable growth, customer value, margins, and cash flow.

• Continued development and scaling of selected assets, with divestment considered when market conditions are favorable.

• Disciplined investment of surplus liquidity in digital assets, with clear processes for measurement and reporting.